Older Americans are more likely to live by themselves than any other age group, with over a quarter of adults age 60 and up living alone. While estate planning is often a family matter, with spouses determining how best to care for themselves and provide for their children and grandchildren, a different dynamic is at play for these so-called solo seniors.

If you are an aging individual who is on your own, the time is now to get serious about estate planning. The Brandon and Rankin County estate planning law firm of Palmer & Slay, PLLC is here to explore your options and develop a practical strategy that meets your needs and objectives.

Which Estate Planning Documents Will You Need?

Every estate plan involves a number of different instruments that are used to establish legal relationships and provide important instructions for how to manage one’s health, finances, and final wishes. This is no less true for solo seniors. As with most individuals, the cornerstone of a comprehensive estate plan is the last will and testament.

If you live by yourself, you may not be considering what happens to your estate when you pass away. However, without a will, the Mississippi intestacy laws will govern the estate you leave behind and allow distant, unintended heirs to claim your assets. A last will and testament gives you control over who inherits your property, including individuals and even charities and organizations of your choice.

Besides a will, you may want to incorporate trusts into your plan to help your surviving heirs save time and money with managing your estate. This is especially important for solo seniors who own businesses in Brandon or Rankin County, have significant assets, or who have pets they want to care for after their passing. Let our estate team assess which instruments best fit your situation.

Protecting Your Health and Finances

Solo seniors are more likely to face serious health crises alone and to be vulnerable to financial scams and identity theft. The simple fact is, you need a plan that ensures your medical needs will be met and that trusted individuals can manage your assets if you become incapacitated. The following are a few simple tools and legal documents to accomplish these goals:

  • Safety plan: Creating a safety plan will enable other individuals, including neighbors or distant relatives, to help you in the event of an emergency. Technology can help, including smartphone apps and in-home camera systems to provide monitoring.
  • Aging team: You should put together a team consisting of your attorney, financial advisor, trusted friends, relatives, and others to be part of an aging team. These individuals can help execute your safety plan, keep you from becoming isolated, and act as a safety net.
  • Necklaces, bracelets, and monitors: Now more than ever, aging individuals are wearing these devices to alert emergency services in the event of a fall or other urgent situation. There are many reasonably priced alternatives on the market for you to consider.
  • Medical power of attorney: This legal instrument allows you to designate a healthcare surrogate or agent who can make certain types of medical decisions on your behalf if you are incapacitated. You can also include instructions for end-of-life medical treatments.
  • Durable power of attorney: Similar to the medical power of attorney, the durable power of attorney allows you to choose someone to manage your financial and business affairs if you are unable to do so. It allows your agent to pay bills and taxes, execute transactions, and buy and sell property.

Our estate planning attorney serves Brandon and Rankin County solo seniors by explaining the details of these and other documents, helping them select agents and surrogates to act on their behalf, and putting together a plan to manage their health and safety.

Where Do You Plan to Live?

One of the struggles of aging on your own is how to continue enjoying your independence. The reality is that living by yourself can put you at risk of injury or harm without someone to look after you. Our firm understands that deciding where and how you will live must be a consideration, and it’s one that estate planning can address.

You should discuss with your attorney the different ways you can cover your long-term care and living expenses. These are a couple of possible options:

  • Revocable trust: A grantor can amend or revoke a revocable trust during their lifetime. This trust allows the grantor to designate a trustee who can properly manage their assets in the event they become ill. After the grantor’s death, anything remaining in the trust passes to named beneficiaries without the hassle and expense of probate.
  • Irrevocable trust: Once created, an irrevocable trust cannot be abolished or modified. However, since property that is held in this trust is no longer legally considered to be the grantor’s, this trust may allow them to qualify for Medicaid by decreasing the number of countable assets. In turn, the trust may allow Medicaid to pay for nursing home care.

If you anticipate needing long-term nursing care or assisted living, the irrevocable trust is the better option for qualifying for Medicaid and allowing the program to cover expenses. You can use this trust instead of having to deplete your assets to meet Medicaid’s eligibility criteria. Upon your death, any assets left over in the irrevocable trust will be distributed to your heirs without the need for probate.

Contact Our Brandon & Rankin County Estate Planning Attorney for Solo Seniors

You have options for how to wisely plan for your future as you age on your own. Let the dedicated estate planning attorney of Palmer & Slay, PLLC assist you. Give us a call or contact us online today to get started.